Time was the number one sure-fire way to add value and saleability to your home was a kitchen upgrade. And the number two desirable asset a modern bathroom with all the bells and whistles. But now there’s a smart new way to increase your sale prospects and add value to your home.
While kitchens and bathrooms are the focus for many buyers, complete remodelling will set you back by thousands of pounds. And if you are planning to sell in the near future you may not be able to recoup your investment. But don’t worry. There’s a new way to increase the value of your home, and add the wow-factor that buyers are looking for. Smart technology.
Make your home a smart home
It’s all about connectivity. In the 21st century, buyers want smart features that they can control from anywhere. From smart lighting to fully connected security systems, smart technology is climbing up the must-have list for home-buyers. For a relatively small outlay, you can boost the resale value of your home by three to five percent. This is according to the Consumer Electronics Association and the National Association of Home Builders says Innotech Today. In the same vein, a recent survey found that 81% of current smart home device owners would be more willing to buy a home with smart appliances already in place than one without.
In addition, half of all millennials use smart tech. So installing these gadgets may provide an in-road to the largest group of potential homebuyers on the market today.
Let’s take a look at some of the home improvements that can add value to your home:
1. Smart security systems
Security systems are nothing new, but a new wave of smart home security systems have recently hit the market. Smart security combines the features of traditional burglar alarms with the ability to monitor your home via live video feeds. It also allows you to interact and control your system via an app on your phone or tablet. The appeal to a potential buyer is very clear. Smart security systems offer peace of mind. In consequence, having smart security already in place will be a major selling point for security-minded buyers.
According to Which? a basic smart home security system kit can be bought for as little as £190. But it’s worth bearing in mind that a basic kit is unlikely to be enough to cover your entire home. Unless you live in a small flat, that is. The true cost will vary depending on the size of your home. So before you invest it’s worth thinking about which extra components you’ll need in your property, and how much they cost.
A smart home system that relies on motion detectors would cost £500-600 for a two bedroom house. However, the cost will be much greater if you wish to install multiple wireless security cameras or sensors on all of your doors and windows.
2. Smart thermostats save energy, increase comfort, and attract buyers
In today’s age of environmental awareness, increased connectivity is challenged only by the desire for more energy-efficient homes. Smart heating combined with smart lighting (see below) can meet these aims and increase the value of your home in the process.
Smart thermostats offer us more control of our home’s heating (and budget) than ever before. The ability to control the temperature in your home from any connected device – from anywhere in the world – is now as attainable as it is aspirational. For energy-conscious buyers, smart home heating technology is a draw that could swing the balance in your favour when weighing up the pros and cons of a home purchase.
Typical costs for a smart thermostat are around £200 rising to £260 with professional installation. But with energy savings of up to £330 per annum for a typical three-bed semi-detached house* it’s a big selling point for prospective purchasers.
* Source: The Energy Saving Trust
3. Programmable lighting – the must-have home improvement
Smart lighting used to be thought of as a bit gimmicky, but with advances in technology programmable lighting has become an eminently practical tool for comfort, economy, and security.
Smart lighting allows you to schedule your lights, for instance, to switch on at dusk, and turn off at bedtime – boosting security while you are away. Moreover, you can be sure you never leave a light on downstairs when you go to bed. In addition, voice control through hubs like Alexa or Google Assistant gives you the ultimate in convenience to offer potential buyers.
The cheapest home hub will cost around £50, but it may be an idea to invest in three or four units to enable voice control from convenient points around your home. Bulbs retail at around £15 each, and sockets around £30 to £35.
In conclusion, the kind of advantages offered by Programmable lighting technology, your home’s lighting will become a desirable must-have asset attracting buyers like moths to, well, a lightbulb.
The bottom line for smart investors
More and more smart products are popping up on the market every day. Homeowners smart enough to incorporate home technology into their property will not only be more connected, but will probably see more offers rolling in for nearer the asking price when putting their home on the market.
For more advice on preparing your home for sale contact House Fox Estate Agents.